Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS AND BUSINESS DISPOSITIONS (Tables)

v3.20.2
DISCONTINUED OPERATIONS AND BUSINESS DISPOSITIONS (Tables)
9 Months Ended
Sep. 30, 2020
DISCONTINUED OPERATIONS AND BUSINESS DISPOSITIONS  
Summary of major classes of line items of discontinued operations

The following table reconciles the carrying amounts of major classes of assets and liabilities of discontinued operations to total assets and liabilities of discontinued operations that are classified as held for sale in our condensed consolidated balance sheets (dollars in millions):

December 31, 

2019

Carrying amounts of major classes of assets held for sale:

Accounts receivable

$

145

Inventories

105

Total current assets

Property, plant and equipment, net

720

Operating lease right-of-use assets

69

Deferred income taxes

4

Other noncurrent assets

165

Total assets held for sale(1)

$

1,208

Carrying amounts of major classes of liabilities held for sale:

Accounts payable

$

152

Accrued liabilities

26

Current operating lease liabilities

20

Total current liabilities

Deferred income taxes

135

Noncurrent operating lease liabilities

51

Other noncurrent liabilities

128

Total noncurrent liabilities

Total liabilities held for sale(1)

$

512

(1) The assets and liabilities held for sale were classified as current as of December 31, 2019 because the sale of our Chemical Intermediates Businesses was completed on January 3, 2020.

The following table reconciles major line items constituting pretax income of discontinued operations to after-tax income of discontinued operations as presented in our condensed consolidated statements of operations (dollars in millions):

Three months

Nine months

ended

ended

September 30, 

September 30, 

2020

2019

2020

2019

Major line items constituting pretax income of discontinued operations(1):

Trade sales, services and fees, net(2)

$

$

400

$

7

$

1,183

Cost of goods sold(2)

292

11

976

Gain on sale of the Chemical Intermediates Businesses

978

Insurance proceeds

48

Other expense items, net

15

1

37

Income from discontinued operations before income taxes

93

1,021

170

Income tax expense

(25)

(239)

(44)

Net income attributable to discontinued operations

$

$

68

$

782

$

126

(1) Discontinued operations include our Chemical Intermediates Businesses, our Australian styrenics operations and our North American polymers and base chemicals operations for all periods presented.

(2) Includes eliminations of trade sales, services and fees, net and cost of sales between continuing operations and discontinued operations.

Schedule of equity method investment of Venator

Summarized financial information of Venator for the three and nine months ended September 30, 2020 and 2019 is as follows (in millions):

Three months

Nine months

ended

ended

September 30, 

September 30, 

2020

2019

2020

2019

Revenues

$

474

$

526

$

1,462

$

1,666

Gross profit

20

62

126

205

(Loss) income from continuing operations

(39)

(17)

(48)

3

Net (loss) income

(39)

(17)

(48)

3

Net loss attributable to Venator

(42)

(18)

(54)

(1)